Selling overseas

[Du22ty]

I recently came to an agreement to sell my 69 Charger to a person who lives in Italy.  Everything I've read so far says it should be a smooth process but I am very wary about giving out my bank account information and routing number.  Has anyone had any experiences and should I be looking out for anything? 

One thing that has me worried is that my bank stated that the buyer would only need the swift code but the buyer has asked for the routing number as well.  I'm a little worried to say the least because I want to sell this car.

[Indygenerallee]

I sold a 72 Dart Swinger to a guy in Germany about 2 years ago and everything went smoothly. I opened another account at my bank and had the money transferred into it and withdrawed it as soon as it was deposited and closed that account just to be on the safe side, it took about 4 days to get the money after he said it was sent. also my bank charged me a overseas deposit (which the buyer gave me the difference in my case) but make sure to ask your bank what if any fee's are attached for a overseas transaction.

[nvrbdn]

thats the best advise. open up a new account for the transaction. i have a couple bills like auto insurance that i pay through direct withdrawl, plus like to play on ebay etc... that i need an account hooked to. so i opened up an account for those. i put the money in the account as its needed so if anyone happens to steal the info there is nothing for them to steal and my main account in a different bank is safe.

[polywideblock]

speaking from the "other " end all I needed both times was the swift number and account name

[Fred]

I've also got an account set up solely for that purpose.

[Du22ty]

speaking from the "other " end all I needed both times was the swift number and account name

You didn't need the account number? 

[polywideblock]

sorry account  number was supposed to be there to     

[Du22ty]

sorry account  number was supposed to be there to     

Yeah my bank told me I should only have to supply the swift code and account number but the buyer wanted the address, routing, account, and swift so I gave it all to him and then transferred the money in my account to another one.  Hope it all works out.. we'll see tomorrow.

[remta1]

yep separate account the best way to go , just use the one your missus doesn't know about 

[Fred]

yep separate account the best way to go , just use the one your missus doesn't know about 

If she doesn't know about it.......it can't be worth much!

[remta1]

that's why I don't keep much in it 

[Fred]

that's why I don't keep much in it  

I hope you're not keeping it under the covers. She'll surely get her hands on it there.  

[Troy]

One thing people in the US don't grasp is that the rest of the world moved to electronic payments many years ago. Those SWIFT codes were designed specifically for this purpose. Ask your bank if they're worried about transferring money.

Troy

[Dino]

When I lived in Europe I bought things from the US and the swift code was never enough.  My bank always asked for all of it, routing, address, the works.  Nobody can do anything with that information except deposit money into your account, not take it out.  You'll be fine.

[Troy]

Sorry, SWIFT or IBAN and Account #. I write software that does all the electronic banking for all our overseas companies. Several countries refuse to take cash or checks even locally. Everything from lunch to mega million dollar purchases is done over the internet.

With a "normal" wire transfer each bank may have slightly different requirements. A transfer must be initiated by the sending bank and account holder. No one can withdraw money from your account (except the government I suppose but they won't use a wire transfer). It's possible that a transfer could be voided BUT banks do NOT like to do this, there's a strict time frame, a reasonably hefty fee, and you need to go up several layers of management for it to even be considered.

You could always use an escrow company - but they don't have the vetting or regulations of a bank.

Troy

[fc7_plumcrazy]

Hi,

the full address of the bank and from you personally is usually needed if a certain amount is to be wired. It is baout laws against terroisim. So it has something to do with security reasons. Depending on how the european bank works (and with whom) they need the routing number or just the SWIFT.
Don't worry about it giving him both if requested.

BTW I work in a bank in germany

Carsten

[cowvette]

i know you are very worry about , but i am a builder in Italy of musclecar specialized on mopar car , and often move cars from USA like 2-3 cars all month , heckling on my web site  musclecar.it and my Facebook site you can understand what is my job , the only way to send money directly in a account in USA form Europe is with account , routing and swift code , because could happen that without some of this the obey remain for several week in the sister , i asked you as i ask to all the seller of the car that i bought in USA all this code for be sure for the transferring money , please advice to me and in this forum when you receive the money because Italian guy could be a good mopar guy too..

but consider in the other way that i am buying a car overseas and i am sending money to you without any security because i asked you several time the copy of the title without any news, i asked you something for confirming this deal but you didn't sent me nothing , i understand that you are a good guy but remember that you have the car , the title and i think tomorrow or on  Monday the money .... i don't want to worry about you ....

have a good thanksgiving at all forum guy